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  • hello my name is professor david certian ski and i'll be your instructor for this

  • course

  • i've a bachelor's degree in chemical engineering from the university of

  • michigan

  • and i also worked as a process engineer and manager in my prior profession before

  • receiving my PHD from Emory university's Goizueta business

  • school

  • you can call me professor Krazinski doctor Krristianski or if you

  • prefer

  • you can call me professor k or dr k

  • this is the course introduction lecture for strategic management

  • first i'd like to welcome you to the course it's really an honor and a

  • privilege to work with you

  • we'll get to know each other a bit more over the coming weeks but for now i want

  • to give you a quick overview discourse

  • strategy is a bit different from the other courses in the curriculum

  • most of the other courses focus on individual pieces of the business

  • functional areas

  • like accounting marketing finance operations our information systems

  • in contrast this course is devoted to the entire business as a whole

  • by taking this holistic approach

  • will be asking the really big picture questions about how to run a business

  • such as

  • what determines the total corporate performance of an entire business

  • enterprise

  • why do some companies succeed

  • while, other companies fail

  • and what if anything

  • can managers actually do about it

  • i'd like to start by discussing what strategy is

  • one of the many functions that a good strategy can serve for a company is to be a

  • boundary marker

  • that defines what the company does, and more importantly

  • what it does not do

  • ideally a good strategy should restrict the company not to do and what it does

  • best

  • but rather to what it does better than any other company

  • which may be different from what it does best

  • now the whole idea of strategy is a down the marker really is the overall theme

  • for this course

  • so then in discourse we wanna think about strategy is a set of boundaries of

  • what the company www will and will not do

  • and these boundaries are defined by the answers to three very basic very

  • fundamental questions that i'll discuss one of the time

  • first

  • where we compete

  • to answer this question what we need is an attractive market opportunity

  • we're going to spend a lot of time discussing exactly what it is that makes

  • a market opportunity attractive but for now

  • the main point is that even if you have identified the world's most attractive

  • and most profitable market opportunity

  • it will be utterly useless to you if your company doesn't have the resources

  • required to serve that market needs better than your competitors

  • so that brings us to the second question

  • how do we compete

  • to answer this question we need resources in capabilities that able our

  • company to serve the market opportunity better than any other competitor

  • these resources could be tangible such as the diamond mine or not belittle

  • field

  • or intangibles such as skills trust ur company reputation

  • we are going to spend a lot of time discussing exactly what kinds of

  • resources and capabilities can give your company to sort of the damage

  • over competitors

  • but for now the main point is that the answers to these first two questions we

  • are to compete and how to compete

  • together these two answers constitute what we call strategy formulation

  • once you know where you're competing and how you're competing

  • you have formulated strategy

  • strategy formulation is not all there is to strategy

  • there's also strategy implementation

  • which is critical because even if you have the best formulated strategy in the

  • world

  • it's still would be i'd really useless to you if your company putting

  • implemented effectively

  • so that brings us to the third question

  • how we execute

  • in answering this third question we needed implementation plan for outlining

  • our people an organization with our strategy

  • this would include motivation incentives control systems organization leadership

  • and so forth

  • we're going to spend a lot of time discussing exactly how companies can

  • most effectively implement the strategies they have formulated

  • but for now i want to point out that implementation without formulation

  • is just as useless as formulation without implementation

  • if you happen to formulate a poor strategy and your answers to the first

  • two questions

  • but it makes no difference whatsoever how good your implementation plan is

  • as the old saying goes it makes no sense to do the wrong thing perfectly

  • and that's attracted a lot of companies fall into it

  • they wanna devoting a lot of time energy and money to doing the wrong thing

  • perfectly

  • and as a result they wind up not making any money because no matter how

  • perfectly they're doing it

  • they're still doing the wrong thing

  • so now i'm thinking about the overall theme of this course in taking a step

  • back

  • i'd like you to envision strategy as a three-legged stool

  • in order for the strategy stool the stand-up successfully in the face of

  • determined competition

  • all three legs must be firmly in place

  • a successful strategy requires first an attractive market opportunity

  • second of the resources and capabilities required to serve the needs and desires

  • about market better than competitors can

  • and third a well-coordinated implementation or execution

  • battle lines the people any organization with the strategy that you formulated

  • if even one of those three legs is massive and the store will follow

  • and the company may fail

  • now i want to show you

  • how the three legged strategy store maps to the content we will cover in the

  • course

  • this overall course roadmap is organized hierarchical e and we'll return do it

  • many times throughout the term

  • external analysis covers the tools and frameworks we need to identify our

  • market opportunity the first leg of the store

  • internal analysis covers the tools and frameworks we need to analyzed the

  • resources and capabilities we can utilize to seize the market opportunity

  • this is the second leg of the store

  • finally

  • strategy implementation covers the tools and frameworks we need to understand how

  • to successfully execute our strategy

  • this is the third leg of the store

  • this hierarchical road map for the course is included in the course

  • syllabus and we will refer back to it often

  • if you're ever confused about where we are in the course

  • or about how the current topic is connected to the overall scheme of the

  • course

  • and you can simply refer back to this road map

  • i have three basic educational objectives for this course

  • first i want you to learn and practice what we call diagnostic reasoning skills

  • which are quite different from analytical reasoning skills

  • analytical reasoning is what you use when you apply logic to find a solution

  • in an orderly systematic way

  • for example

  • analytical reasoning is what computer programmers use to locate bugs in their

  • programs

  • they systematically turn off one piece of the program at a time to tell the

  • problem disappears

  • that way they can figure out which severed team was misbehaving and focus

  • their efforts on repairing that sub routine

  • in contrast diagnostic reasoning is the sort of skill that you use when you

  • leave two-factor conclusions without having complete information

  • basically

  • diagnostic reasoning boils down to your ability to

  • hill in the gaps in information

  • in order to make accurate conclusions without having all of the facts

  • available

  • for example

  • diagnostic reasoning is what numbers assyrian doctor uses to identify the

  • root problem underlying cluster of apparently unrelated symptoms

  • unlike the computer programmer

  • the emergency room doctors simply does not have to luxury of taking a purely

  • analytical approach

  • the doctor can't wait for a million test to be run nor can she systematically

  • turn-off different organs to find the problem part of body

  • she must quickly diagnose the problem in the face of incomplete an imperfect

  • information using her diagnostic reasoning skills

  • the diagnosis must be right the first time and they are rarely second chances

  • most courses in the curriculum focus primarily on helping you develop

  • analytical reasoning skills in specific functional areas like accounting finance

  • operations for information systems

  • but this course is devoted primarily to helping you develop your diagnostic

  • reasoning skills

  • in my view that's the main deliverable of this course

  • if we accomplish nothing else in your intellectual development

  • i will consider our time together is being successful you can enhance your

  • ability to apply diagnostic reasoning

  • my second educational objective in this course is for you to practice and

  • improve your communication skills

  • that is communicating your diagnoses and recommendations in a persuasive and well

  • reasoned way

  • but communication is a two-way street

  • if we are going to improve your diagnostic reasoning skills we also need

  • to improve your ability to seek out ways to improve the quality of information

  • you using your judgments

  • bus we'll also practice listening to the very backgrounds and experiences from

  • classmates to refine our own thinking

  • my third and last educational objective in this course is for you to learn

  • understand and be able to apply an entire toolkit of conceptual frameworks

  • they can be used to frame an analyze the relevant issues in any strategic

  • situation

  • while you may think initially that these tools and frameworks are only useful to

  • analyze for-profit organizations

  • you'll quickly see how they help you in many aspects of life

  • well these tools were designed to analyze companies

  • they're really about understanding situations when resources are scarce and

  • performance matters

  • we will talk more about how these tools apply

  • tamo will demands of life

  • so if these are the overall course objectives that i want to take a moment

  • to show you how the assignments and activities of the course fit in

  • first of all

  • if one of our main jobs is to prepare you to deal with ambiguous and perfect

  • information and make sense of it

  • we need to slowly pushing out of the classroom towards a more complex world

  • this continuum shows a very well-defined and perfect world on one end very much

  • like our typical classroom environment where problems and solutions are very

  • clearly defined

  • and a world full of complexity and ambiguity on the other and

  • very much like the real world most managers with them every day

  • first of all

  • you will have an opportunity to read articles in view lectures that i hope

  • you understand the main strategy frameworks

  • you'll find it these frameworks have some strengths like their simplicity

  • but also have many weaknesses because they can't fully account for the

  • complexity of the real world

  • that's their only tools to help you solve problems

  • not solutions in and of themselves

  • you will find that these tools make the most sense and very tightly controlled

  • classroom environments

  • second

  • after giving you conceptual tools and frameworks through articles and lectures

  • you will have an opportunity to engage with real business cases

  • these cases are very controlled because you were given a great deal of

  • information and a very concise package

  • the cases are also static

  • that is they deal with the business scenario at a point in time

  • however they also add significant complexity

  • some information may be missing

  • well either information provided maybe irrelevant

  • the frameworks will likely help you analyze the case

  • but they may not apply perfectly to the cases you analyze

  • as you're a case reports

  • and or come to class prepared to intelligently discuss your analysis of

  • the case

  • you'll increase your ability to make sense of a complex world

  • and drive to the heart of the critical issues

  • in other words these cases will help you take one step closer

  • to the real world

  • in addition to the cases articles and lectures you-all also participate in a

  • business simulation

  • as part of the simulation u_n_ a team of other students will develop and

  • implement a strategy

  • forcing related file

  • you will compete with teams made up of your classmates

  • well the simulation is still a very tightly controlled environment

  • it adds a dimension of complexity

  • because it's dynamic

  • that is market conditions change over time

  • some of these changes are predictable

  • well others are not

  • you will have to create and refine a strategy and execution plan in the face

  • of a uncertain future

  • with unpredictable competitors

  • the simulation will help you gain appreciation for the interconnected

  • nature of the three legs of the strategy still

  • as well as the importance of integrated strategy across all operating units

  • company

  • there is a quick overview of the course

  • i'm a strong believer in utilizing precious classroom time for two-way

  • interactional learning